Welcome to our brand new ‘Rooster Heroes’ series. Each month we’ll be bringing you a new Hero that we’ll be interviewing on all things pocket money and allowances. They’re all experts in their field, and they all have one thing in common, they’re people we at RoosterMoney admire. We’ll be asking them 10 quick fire questions to get an insight into their world, and importantly, their advice on how to teach kids about money.
The idea is to bring you the best viewpoints and advice from around the world.
This month we spoke to Neale Godfrey. Neale’s one of the world’s foremost experts on family and children’s finances. She’s written 27 books on the subject including the #1 New York Times Best Seller, Money Doesn’t Grow on Trees: A Parent’s Guide to Raising Financially Responsible Children. She was president of The First Women’s Bank, founder of The First Children’s Bank, has served on the White House and Governor’s Task Forces, and been named “Woman of the Year,” “Banker of the Year,” “Child Advocate of the Year,” and the Femme Award from the United Nations. Some list! So a fitting choice for our first Rooster Hero I hope you’ll agree.
1. What’s your earliest money memory? 🍼
My earliest money memory is at 6 years old. I was a budding entrepreneur. Our neighbor had a small vineyard and some of their grapes were hanging over our fence. I got a big basket and picked the grapes and went next door and sold them back to them. My mother shut me down when she got the call from the neighbors who offered to help us with our financial problems rather than having to resort to their daughter having to sell them their grapes. I did get a 25 cent allowance that I had to work for.
2. What did you want to be when you were a kid? 👶
I had lots of dreams. Cowboy was the earliest, at 5… I moved onto actress, at age 10, then onto Secretary of State, during college.
“I had lots of dreams. Cowboy was the earliest, then I moved onto actress at age 10, then Secretary of State, during college.”
3. What’s your favorite candy? 🍬
Good and Plenty
4. Describe your money personality 🤔
I am a careful saver and a joyful spender. I also love, love, love to give. My dream is to have enough money to surprise my friends and those in need with; paying off debt, sending their kids to college, paying for that unaffordable operation…just like in the tv show, The Millionaire.
5. You’ve written 27 books, but which is your favorite, and why? 📚
The Kids’ Money Book…it showed that we could teach kids about money…ok, probably also; Money Doesn’t Grow On Trees. Because I was on Oprah, the book hit #1 on the NY Times Best Sellers list. That was cool, but it really showed that this was a topic of interest.
6. Did you give your kids an allowance? And if so, what was the system (if there was one!)? 💰
Yes…give…no; they did chores to earn it. I created an allowance system that is in my books. They only way to get money is to earn it, there is no entitlement system in life. I have two types of chores: Citizen of the Householdchores, where kids pitch in and help and don’t get paid; and Work for Pay chores, where kids get paid for doing things around the house. They earn their money then have to budget it. I make them divide their money into jars: 10% goes to Charity; 30% is Quick Cash – This is instant gratification — they worked hard, they get to spend some “guilt-free money” — (you set the parameters); 30% is Medium Term Savings – Kids learn to set goals to save for and push off instant gratification. The young ones save for a week or two, the older ones can pick a larger goal; 30% Long Term Savings — college.
“I make them divide their money into jars: 10% goes to Charity, 30% is Quick Cash, 30% is Medium Term Savings, 30% Long Term Savings”
7. Best piece of money advice you’ve ever been given? 🎓
What you earn is not Life’s Report Card. Don’t get caught up in the trap believing that rich people are happy…find your passion, live it and the money will follow…wait…this is the sage advice I give.
8. What’s your top tip for parents on teaching kids the value money? 💡
Don’t make money the biggest secret in the family. Be comfortable enough with money to discuss it. Let the kids start to manage some of their own; earning, saving, spending and sharing.
9. How will we be paying for things in 2040? 🤖
We will be cashless. Our eyes literally will be our ID and a blink of our eyes will pay a bill, transfer money or buy stuff online.
10. Favorite app on your phone (apart from RoosterMoney of course!) 📲
Next to yours…mine: GreenStreets: Shmootz Happens! Free on iOS. It teaches 5-10 year olds about money and ecology via gameplay…the best!!
You can find out more about Neale Godfrey and her work on her ‘Money For Life’ blog: https://www.themaven.net/nealegodfrey/